hands holding several pre-approved credit cards
Camino Financial
By: camino-financial
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Top 5 Pre-Approved Credit Cards Of 2022

Applying for pre-approved credit cards is almost as easy and exciting as shopping with them.

Today, we will explore how these card works, how to get pre-approval, and, more importantly, what to expect from the top 5 pre-approved credit cards of 2022.

Applying for a loan can also be a good option.

Get an instant loan pre-qualification!

 

What Is A Credit Card Pre-Approval Process?

Credit card pre-approval means that you have met a card issuer’s initial criteria for a credit card.

You can get this offer after applying for a credit card online or as part of a pre-screened list of consumers that met the issuer’s criteria.

However, you need to know the difference between pre-approval and pre-qualification, which we will discuss in the next section.

What’s The Difference Between Credit Card Pre-Qualification, Pre-Approval, And Approval?

While some people use pre-approved and pre-qualified interchangeably, the terms are slightly different.

  • Pre-qualification is the process whereby the insurer goes through your basic information and lets you know if there are good chances that they will approve your application. Pre-qualification is not a rigorous assessment of your information.
  • On the other hand, credit card pre-approval is more accurate and official. If you’ve been pre-approved for a credit card, you’ll most likely get it if you apply. However, bear in mind that some credit card issuers might still deny your application.
  • Finally, approval means that the card is already yours (as long as you sign the contract). So all you’d have to wait is for the plastic to arrive.

#DidYouKnow
According to Consumer Financial Protection Bureau, credit card applicants have an approval rate of about 40%. 

Does A Credit Card Pre-Approval Guarantee An Approval?

Getting a pre-approval for a credit card is vital in the application process.

However, being pre-approved isn’t a guarantee that the issuer will offer you a credit card.

That’s because all credit card pre-approvals are subject to verification. So you’ll still need to provide the necessary details before you can receive approval and a credit card.

Here are some of the reasons an issuer might eventually deny you a credit card, even with a pre-approval:

  • Some other risk emerges that the issuer catches while fully vetting you
  • Having many accounts with the issuer
  • The offer is contingent on another credit check
  • You’ve had your name changed or moved
  • You don’t have enough income
  • Consumer reports change every day

Best Pre-Approved Credit Cards For 2022

Here are the cards we believe are the best for pre-approvals.

Bank Of America Pre-Approval Credit Card: Customized Cash Rewards Credit Card

Bank of America Customized Cash Rewards credit card

The Customized Cash Rewards Credit Card is popular amongst bad credit borrowers.

Bank Of America card offers a pre-approval credit card in two ways – by signing into your account or submitting some personal information. And they both yield the same four pre-approval offers.

  • Intro Offer: 0% APR on purchases and balance transfers
  • Regular APR: 13.99% – 23.99% Variable
  • Min. Credit Required: Bad
  • Annual Fee: $0
  • SSN: Required
  • Late Penalty fees: Up to $40

Reward/Benefits:

  • This is one of thebest pre-approved credit cards for cashback that might be an excellent option for you. Cardholders can earn between 1% to 3% cash back on different purchases. That can go up if you’re part of the Preferred Rewards members.
  • Unlike other credit cards, Customized Cash Rewards Credit Card allows you to choose your bonus category from the list of options.

Chase Credit Card Pre-Approval: Chase Freedom Unlimited

Chase Freedom Unlimited credit card

With a Chase Credit pre-approval, you have a high chance of success if you apply for the card. You can check for a pre-approved offer on their online tool.

  • Intro Offer: 0% APR for 15 months from opening the account on purchases and any balance transfer
  • Regular APR: 14.99% – 23.74% Variable
  • Min. Credit Required: Good/Excellent
  • Annual Fee: $0
  • SSN: Required
  • Late Penalty Fees: Up to $40

Rewards/Benefits:

  • The Chase Freedom Unlimited offers an exciting combination of valuable rewards, a sign-up bonus, and flexible redemption options.
  •  The card earns 3% cash back on drugstore purchases and dining at restaurants, 5% back on travel you book through the issuer, and 1.5% back on other purchases.

Wells Fargo Credit Card Pre-Approval: Wells Fargo Reflect Card

Wells Fargo Reflect Card

This is one of the best pre-approved credit cards available today.

The Well Fargo Reflect Card is one of the latest additions to Wells Fargo’s growing portfolio, and it is a solid option for people looking to pay off a large purchase or pay down debt.

  • Intro APR: 0% APR for 21 months from account opening on purchases and balance transfers
  • Min. Credit Required: Bad
  • Regular APR: 12.99% – 24.99% Variable
  • Annual Fee: $0
  • SSN: Required
  • Late Penalty Fees: Up to $40

Rewards/Benefits:

  • Wells Fargo Reflect Card gives you a lot of time to finance a large purchase or pay down debt without charging interest.
  • The $0 annual fee credit card offers an extended window for its 0% intro APR on your purchases and any balance transfer.
  • You also have the potential to extend the promotional period, and it comes with up to $600 cell phone protection.

Capital One Credit Card Pre-Approval: Capital One Platinum Credit Card

Capital One Platinum Credit Card

With Capital One, it is easy to see if you’ll be pre-approved, which won’t hurt your credit.

Capital One Platinum credit card is one of the few secured credit cards that allow the initial credit limit to be higher than the deposit.

  • Intro APR: 0% APR for 12 months from opening the account on purchases and 0% for 21 months on balance transfers
  • Regular APR: 26.99% Variable
  • Min. Credit Required: Good
  • Annual Fee: $0
  • SSN: Required
  • Late Penalty Fees: up to $40

Rewards/Benefits:

  • The Capital One Platinum is the perfect card for individuals looking to rebuild their credit history or those who don’t have one.
  • Because it’s a secured credit card, you can make a security deposit of a particular amount upfront, which can later become your credit line.
  • You’ll automatically qualify for a higher credit limit in about six months.

Discover Credit Card Pre-Approval: Discover it Cash Back

Discover it Cash Back credit card

Discover offers pre-qualification for the Discover it Cash Back.

There are two ways to qualify for it: you can either use Discover’s free online tool or receive a pre-approved offer in the mail.

  • Intro APR: 0% APR for 15 months from account opening on purchases and balance transfers
  • Regular APR: 11.99%-22.99% Variable
  • Min. Credit Required: Good
  • Annual Fee: $0
  • SSN: Required
  • Penalty Fees: up to $40

Rewards/Benefits

  • With the Discover it Cash Back rewards earning power and low fees, it could be the ideal card if you prioritize ongoing value.
  • The cardholder earns 5% cashback on their everyday purchase and 1% cashback on all other purchases.
  • Plus, the rewards you earn in the first year get doubled after your first account anniversary.

#DidYouKnow
It’s recommended that you never use more than 30% of your credit limit

A loan can often be a better alternative because you receive a lump sum. At Camino Financial, we offer loans with minimal requirements.

Get Approved For A Loan Today

How To Get Pre-Approved For Credit Card?

Here are some of the ways to get pre-approved for a credit card

Go To The Issuer’s Website

An issuer’s website is generally a good place to start.

The main benefit of getting pre-approved credit cards from the website is that you have a little more control over the credit card you can be pre-approved to get.

Use A Credit Card Comparison Website

Comparison websites allow you to input some of your information and find pre-approved credit cards.

The benefit of using a comparison website is that you can compare offers to find the best card for you.

Wait For The Issuer To Come To You

Usually, credit card issuers send direct mail to you with a pre-approval offer to lure you into applying.

How To Choose A Credit Card

There is no one-size-fits-all credit card, so picking the right one for your needs is challenging.

We’ve listed the steps to help you choose the best card for your individual needs.

Check Your Credit Score

Your credit history helps determine the type of card you can apply for.

Several credit card issuers require you to have an excellent or good credit score, but there are also pre-approved credit cards for bad credit, such as the Wells Fargo Reflect Card.

Contact one of the three major credit bureaus to get your credit report.

Select The Type Of Credit Card That Suits Your Needs

Once you understand your position from a credit card perspective, you can focus on the right credit card for you.

As you already know, there are many cards to choose from depending on your credit standing, goals, and budget.

Shop Around For The Best Credit Card Offers

Here’s what to pay attention to when picking a new credit card:

  • How are rewards earned?
  • How can you redeem rewards?
  • Is there an annual fee?
  • Are there limits to the rewards you can earn?
  • Are there any foreign transaction fees?

Apply For Your Preferred Credit Card

Once you know the right card for you, then you can apply.

The best way to apply for pre-approved credit cards is on the issuer’s website. You will have to input basic information like your SSN, address, and annual income.

If you find it hard to pick a card, consider filling out a pre-qualification form to see whether you have a higher chance of approval.

Another Alternative To Get The Capital You Need

We hope this list of pre-approved credit cards gives you a good starting point to see the right option for you.

Keep in mind that while you may qualify for card pre-approval, there is no guarantee that the issuer will approve it.

However, getting pre-approved for a credit card doesn’t mean it is the best fit or right option for your needs. A personal loan is a great alternative that provides a lump sum to help you finance several financial needs.

At Camino Financial, we offer fast funding, low fixed rates, and a high approval rate, making us an excellent option for borrowers.

Even better yet, after completing our application, you’ll know instantly if you pre-qualify.

Living by our motto, “No Business Left Behind,” Camino Financial allows you to use these funds for business purposes, which is an option most lenders don’t offer.

Plus, we don’t require collateral, we work with low credit scores, and we accept ITIN.

Apply now!

 

Frequently Asked Questions

What credit cards can you pre-qualify for?

It all depends on your credit history and your needs. The best way to know if you pre-qualify for a credit card is to closely analyze their requirements and see if you meet all of them to the T.

Which credit card providers offer pre-approval?

Some of the major credit card issuers that offer pre-approval include:

  • Chase
  • Capital One
  • Wells Fargo
  • Bank Of America
  • Discover
  • American Express

Can a credit card pre-qualification hurt your credit?

Usually, pre-qualification won’t hurt your credit. Usually, issuers only do a soft credit pull to get your credit report during this process.

They might do a hard pull to approve you, though.

Can I pre-qualify for American Express cards?

Yes, the issuer does offer a pre-qualification process. American Express has an online pre-qualification page where you can quickly check your odds of approval.

Can I pre-qualify for Chase credit cards?

Yes, you can get pre-qualification for some Chase cards through its website.

Can I pre-qualify for Discover credit cards?

Yes, you can pre-qualify for Discover credit cards. Discover has an online tool on its website where you can check for pre-qualified offers.

Can I pre-qualify for Capital One credit cards?

Yes, you can get pre-approved for a credit card on the Capital One website, with no impact on your credit history.

Article by Sarah Dosunmu

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